Economic development

China's stocks took a major step towards global acceptance on June 21, finally winning a long campaign for inclusion in a leading emerging markets benchmark, in what was seen as a milestone for global investing.

The budget committee of Germany's Bundestag lower house of parliament will debate the latest compromise deal for Greece and the International Monetary Fund's role in the bailout next Wednesday, parliamentary sources told Reuters on Friday.

"This will be subject for discussion as a normal matter on Wednesday in the budget committee," a parliamentary official said.

Germany's parliament will discuss an 8.5 billion euro bail-out deal agreed with Greece on Friday, Wolfgang Schaeuble said after a meeting with his fellow eurozone finance ministers, insisting that the deal would help restore Greece to competitiveness.

European Union Currency Commissioner Pierre Moscovici said on Wednesday he expects Greece and its international lenders to reach a compromise deal on new loans this week and that a "fair solution" will be found on debt relief.

When the eurozone finance ministers last gathered in Brussels on May 22 to haggle over debt relief for Greece, Spain's representative Luis de Guindos turned to the International Monetary Fund's representative Poul Thomsen and, according to the leaked minutes of the meeting, said, "You cannot be half-pregnant."

Greece's European creditors "shouldn't play with fire" over the country's debt relief program, EU Economic and Financial Affairs Commissioner Pierre Moscovici said on Thursday.

Germany has prepared "a special program for the Western Balkans" - as compensation for the long wait of the region's countries to join the EU, writes a daily.

Citing diplomatic sources, Vecernje Novosti is reporting that Berlin has prepared a "mini Marshall Plan" for the Balkans, which should over the next few years boost the economies in the region.

The high expectations the Greek government had propagated on the implementation of measures to reduce the Greek debt were shattered, as Berlin made it abundantly clear that no such actions were on the cards.

The recommendation was issued Monday as part of the IMF's annual review of Slovenia's economy and mirrors the statements of the IMF review mission at the end of March that concluded Slovenia was on the right track but needed to continue structural reforms.

The IMF has not changed its stance regarding its participation in the Greek program, an official with knowledge of talks between Greece and its creditors on the matter in Washington, Brussels and Berlin told protothema. The source said that there were signs of concession in an effort between the parties involved to reach a compromise that would solve the deadlock.